President Donald Trump's looming tariffs on Canada and Mexico might be "a little inflationary, but it's good for national security," says JPMorgan Chase CEO Jamie Dimon.
"If it's a little inflationary, but it's good for national security, so be it. I mean, get over it," Dimon told CNBC's Andrew Ross Sorkin during an interview at the World Economic Forum in Davos, Switzerland. "National security trumps a little bit more inflation."
Trump said Monday that he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1.
On Tuesday, he also vowed to hit the European Union with tariffs and said his administration was discussing a 10% punitive duty on Chinese imports because fentanyl is being sent from China to the U.S. via Mexico and Canada.
China said it was willing to maintain communication with the U.S. to "properly handle differences and expand mutually beneficial cooperation." It sought to promote stable and sustainable ties with the U.S., the foreign ministry said.
Dimon said when he looks at the tariffs, "They're an economic tool. That's it."
"They're an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary."